$1 billion of Colonial Bank's assets frozen
A federal court on Thursday froze $1 billion of Colonial Bank's assets after a judge ruled in favor of Bank of America which had requested a temporary restraining order to keep Colonial from liquidating or transferring assets. According the federal judge the bank is on the verge of failure. Individual depositors are protected through the Federal Deposit Insurance Corp.

Consumer sentiment lowest since March
U.S. consumer confidence fell unexpectedly in early August to 63.2 from 66.0 according to media reports on Friday of the Reuters/University of Michigan index. The reading is markedly lower than the 69.0 economists were expecting. Consumers are still burdened with increasing job losses and rising debts.

Bessant appointed as BofA corporate banking chief
Bank of America Corp has named Cathy Bessant president of global corporate banking, as the largest U.S. bank by assets and deposits shuffles management. Bessant's new job is part of the bank's New York-based corporate and investment banking business, but she will remain in Charlotte.

Michigan Bank of america